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was the least rotten apple they could have gotten. >> paul: a rancid deal and i don't like the spinach reference. how much damage is there to the economy from in bill? >> well, i prefer the least rotten apple than spinach. i think that the two big problems here, people who believe that the rich should pay more do not understand the effects of marginal rates. when you raise marginal rates-- >> the next dollar of income that you earn. >> right, it lowers the incentive of the people that you want it take risk and to innovate and to create. that's one problem. so it will affect the growth of the economy. the other problem is, it does affect tax revenues. the guys with the green eye shades say well if we raise the taxes this much, we'll get this much more revenue. if you lower the incentive of people to take risk, generally what happens, revenue does not come in. >> paul: you don't get as much as you think you'll do. >> exactly. >> here, mary, look, the economy seemed, the stock market loved it, the hs blew out the next day and up based on the prospect that something would get d
generally that revenue doesn't come in. >> paul: so you don't get as much as you think. mary, the economy seems to be -- the stock market loved this. they blew out the next day and based on the prospect something would get done. how long go market is recovering. the economy and job market still not great, 155,000 new jobs, but the economy does seem to be doing okay. >> i think that is probably okay. the economy will do okay. but when you have an unemployment at 7.8% and really stubbornly not budging, you want to do something that something more for the economy than just okay, muddling through. if you are president you can say why you are feeling it but there are lot of people feeling the slow growth. it's disappointing we weren't able to do something has more of a positive impact. >> there were a couple big words attached. one was uncertainty, the economy needed certainty and the other was a prospect of a recession. i think the deal undoubtedly does avoid a recession. we're not going to have negative growth, but we are probably going to have growth as we have had for the last two years of
years. ♪ if loving you is wrong i don't wanna be right [ record scratch ] what?! it's not bad for you. it just tastes that way. [ female announcer ] honey nut cheerios cereal -- heart-healthy, whole grain oats. you can't go wrong loving it. >> jack knows every number on the page, every dollar we budget, every decision we makes has to be an expression of who we wish to be as a nation. our values. >> paul: that was president obama thursday nominating white house chief of staff jack lew as the next treasury secretary replacing tim geithner set to step down at the end of the month. so, kim, tell us about jack lew, who is he? what does he believe? >> well, he's mostly, i think, this is important, a creature of washington. he had a brief interlude out at citigroup, but a lot of time working in a political capacity and does in fact make him a much different creature for a position like the treasury secretary than we have in the past, folks who have come from that often out of the business world, established economists, might come from the fed. this is a person viewed by congress and many, b
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